Clear ROI for large law firm and its client
We were approached by an innovative partner at one law firm where the in-house team at a FTSE FMCG client had more work than it knew what to do with. That capacity issue was slowing down deals and underpinning the risk that the business would simply avoid involving the legal team at all.
For the client partner at that law firm the answer could have been the normal approach of an offer of a secondee or a deal on hourly rates for the extra work.
However, he saw the challenge through the eyes of his client and opted to leverage technology to create a long-term, scalable solution. He brought us in and together with the law firm we worked with the in-house team to build on the Legal Service Platform and develop an online legal service.
The Legal Service Platform now enables non-lawyers in the client business to quickly and compliantly create NDAs, manufacturing, licensing and distribution agreements on the company’s agreed terms.
Not only did the solution speed things up for the business, but it also gave the GC more control over contract risk – and demonstrated to the broader business that the in-house legal team is innovative and business-focused.
The return on investment
The law firm continues to support the online service and the ROI for the client has been so clear that they have recently renewed their 5-figure annual subscription for a third year.
That is testament to the original foresight of the client partner at the panel law firm that technology could not only better solve his client’s problem but also generate repeat revenue.
To see more about the benefits of business development at SPEED, click here.